To the bachelors and bachelorettes who are complaining about singlehood as you stare at your couple friends in their fairy-tale land, complain no further. You’re at your prime, you have no obligations, no commitments, no need to worry over any moves you choose to make, the world is your oyster. This is especially so with your finances, and you get the final say on how you would like to manage your personal finance. Singlehood isn’t as bad as you may think it is, this freedom in fact allows you to focus on yourself and achieve all the goals you have before the right one comes along, or not, but at least you’ll be richer alone now.
Being single does not equate to laxing on financial planning though. Since you’re living on 1 income and still have bills to pay (to Pa & Ma, right?), you need to make sure that you are making the most out of what you have, especially when you don’t have a partner to fall back on. Let us guide you through some money and lifestyle-related tips that every bachelor and bachelorette needs to know!
We all know, Singapore’s a rich man’s playground, right? Make it your playground with proper financial planning. Start by setting practical financial goals for yourself to work towards to. The more quantifiable and specific your goals are, the more likely you are going to be able to take actionable steps to achieve them. Follow the SMART framework when writing your goals and be serious about them. Keep it Specific, Measurable, Attainable, and Time-Based. While goal setting can sound cliché and redundant, the SMART framework helps keep your goals achievable, and not just a faraway dream.
Next, you can always adopt the 50-30-20 rule when comes to managing your monthly salary. According to this rule, you should only spend 50% on your essential needs where transport, utilities, rental, etc should be the main bulk of your expenses. 30% of your monthly salary on your wants which are things that are not essentials but good to have (of course, if you can limit on your spending here, that would be great as well!); and 20% to be saved!
Not forgetting, the importance of setting up an emergency fund which helps you insures against life’s unexpected expenses. Ideally, your emergency fund should be at least 3 to 6 months of expenses. This should be a priority, so please give yourself a reasonable time frame to achieve it.
The most affordable option for all singles would be to stay with your parents. You do not have to worry about all the hassle of getting a new house. But, of course, if you prefer to live alone, you can either choose to purchase a private/landed property or stay in a rental flat then BTO at the age of 35. There is no concrete price to expect, as how much you are paying depends on your decision.
Our take: To stay with your parents because you get to spend more time with them during their silver years and you get to save a lot of money from shifting to renovating to purchasing housing equipment. Plus, you get to enjoy Mummy’s cooking still! But, if you prefer to own a house for yourself, you could consider renting out a room or find a roommate to split housing costs.
#3: Dating Apps
You are free, and if you still want to be in the market, you can always choose to download dating apps such as Tinder, OkCupid, and Bumble to expand your social network. Getting the premium might be suitable for those who would like to enjoy special features in these dating apps. But, of course, please stay safe and vigilant on these apps (love scams are prevalent these days).
#4: More Time for Yourself
The biggest advantage of being single means having more time for yourself. You get to dedicate time for self-improvement or upgrade your current skill sets. You can even develop a side hustle by putting your passion or hobby into good use. If you enjoy baking, you can set up a small home-baking business; if you have a car, you can drive Grab to earn extra cash on the weekends. Being single means having the flexibility and freedom to seek out new opportunities for yourself to grow mentally, physically, and financially.
Psst: Save time on planning for your personal finances with our FREE guidebook! It comes with various tips and tricks to help you navigate the financial scene.